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The Supreme Court made this comment during the hearing on the bail plea of a person arrested for illegal bitcoin trading.
The Supreme Court said on Monday that bitcoin trading in India is like ‘dealing with a new way of hawala business’. The court regretted that the Center has not been able to make any arrangements to regulate cryptocurrency so far.
A bench of Justices Suryakant and Justice N. Kotishwar Singh said that the court had asked the Center to inform the court about the policy on trading of cryptocurrency two years ago, but no reply has been received so far.
The Supreme Court made this comment during the hearing on the bail plea of a person arrested for illegal bitcoin trading.
At the same time, senior advocate Mukul Rohatgi, appearing for the petitioner, said that bitcoin trading is not illegal in India, as the Supreme Court has canceled a circular of the Reserve Bank of India.
Gujarat government and ED will file replies in 10 days Rohatgi told the court that the price of bitcoin is very high. Any person can go to a showroom abroad with a bitcoin and buy a car. I checked on Sunday that the price of a bitcoin was 82 lakh rupees.
Additional Solicitor General Aishwarya Bhati, presented by the Government of Gujarat and the Enforcement Directorate (ED), said that they would like to file a detailed reply. On this, the court has given the state and ED 10 days to file their reply. The next hearing of the case will be held on May 19.
No system of cryptocurrency regulation in the country The Center had told the Supreme Court in January last year that no decision has been taken on the system of regulating cryptocurrency and investigating crimes related to it.
The Supreme Court had asked the Center on February 25, 2022 whether there is any law on cryptocurrency trading or not. In fact, the court was hearing the case related to cancellation of several FIRs lodged against one person. The person was accused of cheating investors across the country by giving assurance of bitcoin trading and high returns.
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